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Kazakhstan’s Business Climate Reforms Highlighted at the World Economic Forum

January 21, 2016

At the Davos Forum, a delegation of the Government of the Republic of Kazakhstan headed by Prime Minister Karim Massimov discussed the progress and prospects of improvement of the business climate in Kazakhstan with representatives of the World Bank and international investors.

Davos, January 21 2016 – On the sidelines of the World Economic Forum in Davos, Switzerland, the Government of Kazakhstan, jointly with the World Bank, held a round table to discuss the ongoing reforms to improve the business climate in Kazakhstan.

According to World Bank’s ‘Doing Business’ Report, Kazakhstan, with a global ranking of 41 out of 189 economies, was one of the top 10 improvers in 2015. The report noted that the country implemented the most reforms globally in the following areas: Starting a Business, Dealing with Construction Permits, Registering Property, Getting Credit, Protecting Minority Investors, Enforcing Contracts, and Resolving Insolvency.

During the roundtable, Erbolat Dossaev, Minister of National Economy of Kazakhstan, said: "Kazakhstan, in collaboration with our international partners and experts, is making every effort to improve our business climate in order to ensure that the country joins the top 30 nations in the ‘Doing Business’ ranking – an objective set by the President of Kazakhstan, Nursultan Nazarbayev.”

“Kazakhstan's performance in the 2015 Doing Business was truly impressive. It is important to build on this and promote inclusive growth. Kazakhstan has growing strength in ICT based governance. It can use these advantages to diversify its production and capitalize on its advantage as a natural trade corridor. These are difficult times for all economies but Kazakhstan has shown a determination that augurs well,” said Kaushik Basu, the Chief Economist of the World Bank.

Continuous improvement of the regulatory environment in order to improve the investment climate is an important component of the public policy aimed at developing the private sector, diversification and enhancement of the economy’s global competitiveness. Kazakhstan's experience shows how constructive interaction between the government and the private sector can help lead to implementation of effective reforms.

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